Tim Duncan has signed a seven-year, $122 million deal with the San Antonio Spurs on Wednesday.

Even though Duncan, the league's MVP the last two seasons, had become an unrestricted free agent on July 1, he indicated that the only team he was considering was the Spurs.

Agent Lon Babby told the Bloomberg News on Wednesday that San Antonio will pay off 70 percent of Duncan's salary before every season. The star forward will be able to become a free agent after the 2007-08 season.

Duncan, who has played six seasons in the NBA, averaged 24.7 points, 15.4 rebounds and 3.3 blocked shots in the 2003 playoffs, which culminated with the Spurs beating the New Jersey Nets in six games in the NBA Finals.

For his career, Duncan has averaged 22.9 points, 12.3 rebounds and 2.5 blocks.

His last contract, signed in the summer of 2000, was a three-year deal valued at $32.6 million.

Information from The Associated Press was used in this report.